The number of people turning to money lenders has increased by 20 per cent in the last 5 years according to the Central Bank.
A new Central Bank report has found 360,000 people have taken out loans from money lenders, up from 300,000.
However, the bank said some of the increase was down to people using catalogue shops, who are regulated as moneylenders.
One third of the loans taken out are to cover the cost of goods - a fifth are for family events and 9 per cent are to pay bills and other debts.
The Bank says it has concerns that some people are getting money too easily from money lenders.
The Central BankÂ’s Director of Consumer Protection is Bernard Sheridan
